Investor Presentation September 2019
Disclaimer Except as otherwise indicated, this presentation speaks only as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of Plymouth Industrial REIT, Inc. (the “Company”) after the date hereof. Certain of the information contained herein may be derived from information provided by industry third-party sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information, however, and has not independently verified such information. This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “will likely result,” “would,” “could,” “should,” “seeks,” “intends,” “plans,” “projects,” “estimates,” “anticipates” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements, discussions possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. Statements regarding the following subjects are forward-looking by their nature; the Company’s business and investment strategy; its expected operating results; completion of acquisitions; its ability to successfully implement proposed acquisition, lease and management structures; its ability to obtain future financing arrangements; its expected leverage levels; its expected dividend levels; the Company’s understanding of its competition; market and industry trends and expectations; and anticipated capital expenditures. Additionally, the following factors could cause actual results to vary from our forward-looking statements: general volatility of the capital markets and the market price of the Company’s common or preferred stock; performance of the industrial sector and real estate industries in general; changes in the Company’s business or investment strategy; changes in market conditions within the industrial sector and the availability of industrial property acquisitions; the Company’s ability to satisfy closing conditions and obtain regulatory, lender and other rulings, approvals and consents in connection with acquisitions; availability, terms and deployment of capital; availability of and the Company’s ability to attract and retain qualified personnel; the Company’s leverage levels; its capital expenditures; its ability to satisfy the requirements for qualification and taxation as a REIT for federal income tax purposes; changes in the Company’s industry and the market in which it operates, interest rates or the general U.S. or international economy; and the degree and nature of the Company’s competition. The forward-looking statements contained in this presentation reflect the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company’s business, prospects, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. You should carefully consider all risks before you make an investment decision with respect to the Company’s common and preferred stock. The Company disclaims any obligation to publicly update or revise any forward- looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. Notice Regarding Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures, including funds from operations (“FFO”), adjusted funds from operations (“AFFO”) and net operating income (“NOI”). For definitions of each of these measures, please see the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 and its Annual Report on Form 10-K for the year ended December 31, 2018. The Company’s calculations of these measures may not be exactly the same as other companies who report similar measures. As a result, the Company’s measures may not be comparable to those of other companies. The Company believes these measures are helpful supplemental measures, but should be read in conjunction with our financial statements presented in accordance with GAAP. 1
Company Overview
Company Snapshot Plymouth Industrial REIT (NYSE American: PLYM) focuses on the acquisition and management of Class B industrial properties across the U.S. Company Overview Portfolio Snapshot Plymouth is a self-managed REIT focused Number of Properties 72 (1) on the acquisition, ownership and management of single and multi-tenant 11 (1) Number of States industrial properties Square Feet 14.9 million (1) Differentiated investment strategy – focused on secondary markets to Total ABR $49.1 million (2) target growth and superior returns Occupancy 96.1% (2) Focused on markets with improving – fundamentals and multiple acquisition opportunities Total portfolio of 72 industrial properties with approximately 14.9 million square feet spread across 11 states Key markets include Chicago, – Jacksonville, Cincinnati, Memphis, Indianapolis and Columbus Plymouth completed its initial public offering in June 2017 (1) As of September 10, 2019. (2) As of June 30, 2019. Excludes $95.9 million of acquisitions completed in July and August 2019 and the lease up of 3100 Creekside in August 2019. 2
Investment Highlights Successfully Executed Business Plan and Growth Strategy Since IPO – Enhanced Operations and Improved Capital Structure – Achieved Growth Through Accretive Acquisitions in Target Markets Strong Fundamentals in the Industrial Sector Differentiated Strategy With a Niche Focus on Class B Industrial Properties Attractive Relative Valuation and Industry-Leading Dividend Yield With Solid Coverage Proven Management Team and Independent Board With Deep Real Estate Experience 3
Operational / Financial Improvements Since IPO Since its IPO, Plymouth has continued to improve property operations and the company’s financial flexibility Significant leasing activity and improvement in lease rates support investment strategy Completed 1.5 million SF of new and renewal leases in 2018 – 10.9% at a weighted average ABR psf of $4.06 Operational Completed 1.54 million SF of new and renewal leases in the – Increase in Rental Rates on a Execution first half of 2019 Cash Basis in 1H 2019 (1) On August 26, 2019, PLYM filled its largest vacancy with a new lease for approximately 258,000 SF at 3100 Creekside in Columbus, OH; the lease brings the total portfolio occupancy to 97.1% Since its IPO, PLYM has increased access to new institutional Key Financial Achievements sources of capital to finance acquisitions Increased revolver capacity ü Plymouth has accessed multiple forms of capital, including Successful follow-on offering ü preferred equity, common equity through ATM activity and Capital Refinanced debt at ü marketed offerings and debt refinancings Management attractive interest rates Plymouth continues to focus on ways to reduce its cost of Strategic investment from ü capital and increase its risk-adjusted returns Madison International In December 2018, Madison International Realty Holdings, LLC (“Madison”) invested $75 million in Madison Convertible Redeemable Preferred Stock International Madison’s investment demonstrated management’s disciplined approach to capital allocation, Realty increased Plymouth’s size and scale, and improved the company’s capital structure Investment (1) Based on 1.13 million SF of new and renewal leases greater than six months in term. 4
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